Last night, Bitcoin and Ethereum plummeted, altcoins corrected. Recently, Sweet Dream has been emphasizing taking profits in batches and cashing out for safety, do not chase high prices. Buying on dips, fans who have followed Sweet Dream's advice in articles should have made a lot of profits. Yesterday, Sweet Dream mentioned in an article (Weekend crypto market explosion! Bitcoin to surge 120,000 tonight? Ethereum to spike 1000 dollars, is 3500 dollars just the starting point? These coins will skyrocket this weekend! This coin may become the biggest dark horse!) that Bitcoin should go long around 107700, and if Ethereum cannot stabilize at 3587, go long around 3466. Fans who followed can take profits, and those who want to can still hold.
$BTC
Yesterday, Friday's rebound touched 120950 and then continued to retrace. Over the weekend, Wall Street is closed, resulting in insufficient liquidity. $BTC rebounded at 118500 but faced resistance, with insufficient rebound volume and weakened momentum. During the day, pay attention to the early morning low point of 116888 and the previous low of 115688. The overall trend direction for Bitcoin has not yet completed. Short positions should have good stop-loss, while low long rebound operations are safer.
116800 is still above support with new high expectations near 13.2. The area around 12.05 remains a position to judge the direction of the adjustment phase.
The ultimate target for Bitcoin's downside at 111300 is the goal for this phase. As long as every pullback does not go below here, the target for new highs after adjustments remains unchanged!
Strategy: Short-term defense at 11.68, stabilize at 12.05 and wait for the new high target of 132000. Just maintain a trade at each lower position.
$ETH
Ethereum reached a high of about 3670 last night, and then plunged directly by 300 dollars at midnight. Many who chased the rise got trapped. It has currently touched the support area of 3460 and needs to reduce most of the positions. If it stands above 3615 during the day, it will start to strengthen. If it breaks below 3460, just wait for the support below. Only after breaking can there be trading opportunities at 3380 and 3320, so trade Ethereum around these positions.
Today, pay attention to the rebound resistance at 3600, which should not break through directly so quickly. Watch the range of 3506-3460 for intraday operations, and short focus on the range of 3603-3623, just ensure to set stop-loss.
Altcoin analysis
(1) Dogecoin
On July 1, a fan asked me at what price Dogecoin could be bottomed out. Sweet Dream mentioned that 0.1568 could be the bottom, basically hitting the lowest point. This fan opened a long position at 0.160 and made a huge profit of 730.83%.
Currently, Dogecoin is in a descending wedge + head and shoulders bottom pattern. The price has been rising and touching the resistance line location, which is also the starting point of the descending wedge. Watch for whether it can break through and stabilize. Once it breaks through, the upward space is opened again. Currently, I maintain the view of fluctuating within the channel in the chart below, moving from the key support at point A along the channel's lower edge to the resistance at point B.
$DOGE Dogecoin is a coin I have great faith in! It is also the ancestor of meme coins. I feel that $SHIB will also see a nice increase soon, let’s rotate it!
SHIB is currently in a W-bottom pattern on the daily chart. The price is about to touch the neckline resistance line, and the upward momentum is still very strong, possibly breaking through directly. So one can chase longs near the current price of 0.0151u to bet on the breakthrough.
(2) PENGU
What’s going on with PENGU frequently rubbing at 0.03 and the massive sell-off? Comparing with the chart from the 14th, you'll find many similarities.
① All low-position massive bearish candles are released
② After the bearish candle sell-off, there was an immediate rebound, and the price didn’t fall significantly.
③ The bearish candles connect end to end
This indicates that the main force has strictly controlled the market here, maintaining amplitude fluctuations. From this perspective, it does not conform to the selling pattern. Looking at it this way, after several bearish candles on the 14th, PENGU started its two stages of rally. The current issue with PENGU is that there are too many profits being taken, and the whales are likely trying to grind more, squeezing and collecting at the same time.
Is it time to bottom fish during the altcoin pullback?
Last night, altcoins generally corrected by 5-7%, and spot purchases can be made. It’s not like before when a drop of 15-20% was necessary to add to positions. The stablecoin bill has been formally signed by Trump. The bull market engine will be a process of increasingly abundant liquidity in the second half of the year. Quickly seize this wave of market; these massive stablecoin funds will turn to the DeFi field in search of risk-free or low-risk income-generating financial products, and some will attempt high-risk investments.
Where the water flows will definitely be wet. Such a large volume of funds will indirectly promote the entire crypto business to flourish again. Providing low-risk returns for stablecoins will be a big track.
